Armenia's Inecobank increases trade facility

Inecobank in Armenia is set to double an existing US$3mn trade finance facility provided by the Black Sea Trade and Development Bank (BSTDB).

The Armenian bank has been a partner of BSTDB since January 2007, when the bank secured the first US$3mn facility. The funds of both facilities will be used to provide sub-loans to Armenian import and export companies.

The facility is part of the BSTDB's strategy to support regional trade.